Revenue

12 Months Ended

Aug. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue

Note 10 - Revenue

Disaggregation of Revenues

The table below illustrates the Company’s revenues disaggregated by major product and sales destination for each reportable segment (in thousands):

	Year Ended August 31, 2019
	AMR		CSS		Intercompany Revenue Eliminations			Total
Major product information:
Ferrous revenues	$	1,123,180	$	51,963	$	(10,424	)	$	1,164,719
Nonferrous revenues		430,361		38,809		(1,147	)		468,023
Steel revenues(1)		—		367,956		—			367,956
Retail and other revenues		131,436		688		(41	)		132,083
Total revenues	$	1,684,977	$	459,416	$	(11,612	)	$	2,132,781
Revenues based on sales destination:
Foreign	$	1,047,546	$	93,531	$	—		$	1,141,077
Domestic		637,431		365,885		(11,612	)		991,704
Total revenues	$	1,684,977	$	459,416	$	(11,612	)	$	2,132,781

(1) Steel revenues include primarily sales of finished steel products, semi-finished goods (billets) and manufacturing scrap.

Receivables from Contracts with Customers

The revenue accounting standard defines a receivable as an entity’s right to consideration that is unconditional, meaning that only the passage of time is required before payment is due. As of August 31, 2019 and August 31, 2018, receivables from contracts with customers, net of an allowance for doubtful accounts, totaled $142 million and $164 million representing 97% of total accounts receivable reported on the Consolidated Balance Sheets.

Contract Liabilities

Contract consideration received from a customer prior to revenue recognition is recorded as a contract liability and is recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The Company’s contract liabilities consist almost entirely of customer deposits for recycled scrap metal sales contracts, which are reported within accounts payable on the Consolidated Balance Sheets and totaled $3 million and $9 million as of August 31, 2019 and August 31, 2018, respectively. Unsatisfied performance obligations reflected in these contract liabilities relate to contracts with original expected durations of one year or less and, therefore, are not disclosed. During the fiscal year ended August 31, 2019, the Company reclassified $8 million in customer deposits as of August 31, 2018 to revenues as a result of satisfying performance obligations during the year.